Health Insurance is most important than life insurance in these days. There are more Health Insurance companies than Life Insurance companies these days. As the population increased health conditions had started coming down from normal levels. Health Insurance plans collect charges as per the coverage they give to an individual or a family for 2 adults and 2 single, senior citizens etc.,
These plans normally cover, hospitalization and all charges related to treatment for saving the life. Expenses like bed charges, blood, ICU charges, surgery and medicine etc are cover for 24 hrs or more hospitalization.
Why Health Insurance
Health Insurance plans provide financial support for to the policy holder, spouse, their children and parents in case of any hospitalization due to illness or any accident. Minimum coverage of Rs. 5,00,000/- is always good for a family of 4 members. Health insurance comes with many benefits like auto recharge, no claim bonus etc.,
There are four types of Insurance. They are :
- Life Insurance
- Health Insurance
- Personal Accident Insurance
- Critical Illness cover
Life Insurance plans would cover life and in case of total disability or death, compensation would be paid. If it is a Endowment plan, guaranteed returns would be paid at the end of maturity period.
Health Insurance provides in hospitalization due to any illness or accident injury. This plan cover many things like cashless treatment, Day care treatments, Domiciliary Hospitalization, Pre and post hospitalization covers, Ambulance cover, Daily allowance etc.,
Personal Accident Insurance
Personal Accident cover is very cheap and very beneficial. In case of Accidental death, immediately sum assured would be paid. This plan also offer benefits for child in case of death of the policy holder. Total disability, partial disability covers are also available under this plan
Critical Illness cover
Critical Illness cover considered to be a blessing for many. This plan offers lump sum payout in case of any specified illness is diagnosed.As a compensation of onetime lump sum payment would be made immediately to the policy holder. The amount can be used for treatment of the disease of for any expenses as per policyholder wants.
Considering today’s scenario, Accidents are regular and anything can happen at any time. Although we work for a company and company is providing Insurance cover, a personal insurance is a must. Earlier most of the companies use to insure employee, spouse children and parents but as a cost cutting measure, most of the companies stopped this facility. Now most of the companies are providing insurance to their employees only. For adding spouse and children separate insurance premium is being charged.
Health Insurance benefits :
- No claim bonus,
- cash free treatment,
- Annual health checkup
- Coverage for Pre-exiting diseases
- Automatic recharge
- restoration of sum assured
- Ambulance claim
- Tax benefits under Section 80D
No claim bonus :
If the policy holder does not use the policy coverage and no claim in a particular year, a bonus of 5 to 20 % as per policy conditions are added to the basic cover of the policy
Cashless Treatment :
If the policy holder gets admitted to an approved hospital, cashless treatment would available otherwise immediate payment has to be made and bills may be r reimbursed from the Heath Insurance company.
Ambulance charges :
All Health Insurance policy cover Ambulance charges for transportation of insured person.
Annual Health Checkup :
Most of the Health companies offer free health checkup after one year to its customers. This helps companies to retain their clients for a long time.
Pre-existing diseases coverage :
Pre existing disease is also cover after four continues year renewals. In some companies, after 2 years also this coverage is available.
Very few companies cover maternity benefit with 2 to 3 years waiting period. A good benefit offered by Health Insurance companies.
Restoration of Sum Assured :
Recharge or restore as it is called is one of the best benefits given with Health Insurance coverage. For example sum assured is crossed by any member of the family and next members also wants to go for treatment, no need to worry.
Tax Exemption under 80D :
Under income Tax Act 1961, section 80D a sum of Rs. 55,000/- can be invested for self, family and presents. This give an additional benefit for payers to reduce tax from over all income.